And with that being said perhaps we can say fatigue after a long, powerful run (notwithstanding 2022 thus far). If one looks back since 2017, on an annual basis technology rose by at least 34% four times. Add to that it is the only sector that has beat the S&P for 5 straight years out of 11, and one can see why it has been struggling. Sure everything is, but if any group merits a well-deserved break it should be technology. That being said semiconductors and software, via the SMH and IGV are 35 and 39% off their most respective 52-week highs. How much more rest do they need? Of course, no one knows the answer but it could be a lot more or they could be nearing a corner. One has to say advantage bears as plenty of technical damage has been done and if the SMH loses 200, which many think could happen with MU reporting tomorrow after the close then things can get real ugly. The IGV remember has outperformed the SMH for 4 consecutive weeks, but this week headed into Thursday is trailing it narrowly.